OpenSea Changes Stolen NFT Policy Following User Outcry

When NFT fraud on the rise, Web3 Platforms are increasingly forced to work on identifying and managing stolen assets.as the largest NFTs market, high seas This Web3 took the brunt of the blame, but its Policy to block flagged assets In particular, it received considerable backlash for punishing users who didn’t know they were buying stolen NFTs.

In response, OpenSea announced on Twitter on Wednesday that it would change the way it handles NFT assets that have been reported stolen.

OpenSea previously investigated each case, blocking stolen assets from being bought, sold, or transferred on its platform.

Tweet OpenSea said it wanted to “deal with the elephant in the room” and that a police report had to be filed within seven days of flagging the NFT for theft. It said it has done this for “escalating disputes” but will now be required for all NFTs reportedly stolen.

The move is designed to prevent false reports. If the police are not reported in time, the hold on the item will be lifted.

Additionally, OpenSea says it will simplify the process of revoking claims if users recover stolen NFTs or want to withdraw their reports.

on thursday OpenSea clarifies The police reporting requirement applies only to newly filed claims of stolen NFTs, not to existing cases. “If we apply this retroactively, we will ask for additional measures in the months or weeks when they (hopefully) put this on the back burner,” Marketplace tweeted. Did.

Ann NFTs A blockchain token representing ownership of an item, often used for digital goods. Popular NFT use cases include artwork, profile pictures, digital collections, and video game items. OpenSea is the leading NFT marketplace and processes daily Billions of dollars worth of trading volume monthly, Recent Crypto Market Crash.

As the NFT market flourishes and matures, scams targeting NFTs are on the rise. trick users into signing What we believe to be legitimate transactions with crypto wallets, such as dropping new NFTs or tokens, but instead granting attackers access to all assets in the signing wallet, dropping NFTs and other tokens. can be forwarded and stolen.

Such scams are common on social media, especially Twitter, including accounts of reputable creators and projects. Beeple When noun— Used to spread links that can be hacked and lead to property theft. sparked a debate about Whether creators should refund users The person whose NFT was stolen in such a case.

OpenSea says it cannot knowingly allow the sale of NFTs marked as stolen because it is based in the United States. However, the marketplace’s widespread policy of blacklisting reported assets may mean that users who purchase NFTs may not be aware that it has been previously stolen, and as a result may not be able to trade or transfer the assets. means

“In some cases, buyers who bought stolen goods without their knowledge (rather than through their own fault) were inadvertently punished. This is one of the most difficult problems we face,” said OpenSea. Confirmed on Twitter. “Trust us we take it seriously. [and] We have been actively listening to feedback on how to approach it. ”

Please note that OpenSea may block your ability to buy, sell, or transfer select NFTs in its own marketplace, but it does not prevent you from trading elsewhere. His NFTs in his possession remain in the user’s own wallet and can be used in marketplaces that do not have the same policies or similarly not flagged as stolen for those assets.

OpenSea also noted that it is working with other Web3 platforms to try to minimize the impact of such NFT scams and better educate users.noted the popularity ethereum wallet MetaMask Recent Updateswhich allows users to be better aware that they are giving up broad access rights in a particular transaction.